I'm Nicole Lapin, the only financial expert you don't need a dictionary to understand.

It's time for some money rehab. It is open enrollment season and to celebrate we're going to get you some dope

health care perks. Today I'm going to focus on the types of accounts that can be used to pay for your medical bills and there are two of the alphabet soup type acronyms that I get the most questions about.

The accounts are Flexible Savings Accounts or FSAs and Health Savings Accounts, or HSAs.

But before we get into these accounts,

I'm actually gonna throw a little bit more alphabet soup

at you because there's another acronym you need to know.

An HRA or health care reimbursement account.

This type of account is offered by some employers

as part of the company's group health care plan.

So WTF is an HRA. An HRA is a type of account funded by your employer

and created to pay for medical expenses and insurance premiums. Since the

account is funded by your employer and tied to your health care plan directly, you don't actually

own it.

So if you quit your job, the money stays with your employer.

It can be used with an FSA, and sometimes it can be used with an HSA, sometimes it can be used with an HSA and yes up next I'm going to define those terms but just know that generally

you're not going to have all three of these types of accounts and there are some specific rules about how the coverage works.

And HRA is an awesome perk if you have it, especially if your employer generously funds it and

I love that for you. But you either have it or you don't. So let's move on to the accounts

that you have a little bit more control over, FSA's and HSAs. I'm going to say it for the people in the back.

FSAs stand for flexible spending account,

well, HSA stands for health savings account.

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